Foley Represents TDK Ventures as Lead Investor in $25M Funding Round for Green Hydrogen-Electrolysis Startup Verdagy
Foley & Lardner LLP represented TDK Ventures Inc. as lead investor in green hydrogen-electrolysis startup Verdagy. Other investors in this oversubscribed round of financing totaling $25 million included Khosla Ventures, Shell Ventures, Doral Energy Tech Ventures, Temasek, BHP Ventures, and Orbia Ventures.
Verdagy is focused on the large-scale production of green hydrogen required for deep-decarbonization of a wide range of industries. The company’s novel approach to large-scale water electrolysis incorporates the advantages of alkaline electrolysis (AWE) and proton-exchange membrane (PEM) while designing out their inherent disadvantages. Verdagy created a new membrane-based approach to electrolysis, leveraging very large active area cells with the ability to operate at industry-leading high-current densities and wide dynamic operating ranges. This approach enables low capital and operating costs and is expected to meet or exceed the U.S. Department of Energy’s targets for water electrolysis.
TDK’s investment in Verdagy accelerates their mutual vision for energy and environmental transformation through high throughput, low-cost deep decarbonization. With this capital, Verdagy will rapidly scale to demonstrate their first commercial 10-cell stack at 2MW capacity and will target scaling to deliver their first 20MW “eDynamic™” electrolyzer in the near future. Industrial-scale plants utilizing multiple electrolyzers are also on Verdagy’s product roadmap.
The Foley team was led by Partner Louis Lehot and included Associate Youn-Jae “Ashley” Lee.